Photo Gallery Germany, the Island
The artificial islands "Germany" and "Netherlands," both ripe for development in the Persian Gulf, will be connected by a footbridge.
Germany, the island, is meant to be proof that even in Dubai, one can still earn money building on sand.
The islands belong to an artfully-arranged group of landmasses near Dubai called "The World." They form a map of the world in the water of the Persian Gulf. Kleindienst bought a number of islands corresponding to the "Heart of Europe," and he plans to develop them with villas and hotels.
View from the plane: Islands in the foreground, Dubai skyline in the background.
Around the world in just a few minutes: A water plane can wing visitors over the theme island of their choice...
... except they're all deserted, at least for now. Lunch on "Germany" required sunscreen.
The un-Germany.
Josef Kleindienst, a former police officer from Austria, made money during the Dubai boom. Now, he says, developers can't let buildings sit empty. "The speculation bubble burst," he admits. "Today, rents are regulated and fixed. No one now will get rich in the Gulf from real estate alone."
The Dubai real-estate boom collapsed in late 2009 when a state-run holding company, Dubai World, had to restructure its debt.
A Dubai World subsidiary, Nahkeel, created the artificial archipelago in the Gulf before the boom went sour. Now many of the islands could remain undeveloped for years.
Two of the world's most expensive hotels, the Burj al-Arab and the Jumeirah, have become symbols of overreach in Dubai.
Real estate broker and developer Josef Kleindienst has lived in Dubai since 2003.
Island of the Sheiks, so far, is the only developed island in "The World."
